The fourth time in a row EnBW generates record result for the first quarter
Earnings before interest and taxes (EBIT) up 12.8 percent to 629.9 million euros/Group net profit improves by 13.1 percent to 360.2 million euros in the first quarter/Board of Management and Supervisory Board propose distribution of record dividend
Karlsruhe. “After generating record results for three consecutive years in 2004, 2005 and 2006, we started 2007 with another record result for the first quarter,” says Prof. Dr. Utz Claassen, CEO of EnBW Energie Baden-Württemberg AG on the occasion of EnBW’s annual general meeting this year in Karlsruhe. In the first quarter of 2007, EnBW increased its earnings before interest, taxes, depreciation and amortisation (EBITDA) by 103.4 million on the prior year to 818.6 million euros. This is an increase of 14.5 percent. Earnings before interest and taxes (EBIT) rose by 71.7 million euros (+12.8 percent) to 629.9 million euros. Group net profit improved once again, reaching 360.2 million euros. This is an increase over the first three months of the prior year of 41.8 million euros or 13.1 percent. Earnings per share from continuing operations improved in relation to the comparative period of the prior year by 15 percent to 1.46 euro. The detailed quarterly results will be published by EnBW on May 10, 2007.
“This once again outstanding result for the quarter is extremely gratifying, but by no means a given. Low gas sales due to the mild winter and increased economic risks as a result of extremely high and volatile amounts of wind energy fed into the transmission network kept the lid on the quarterly result. Regulatory burdens as well as individual energy and regulatory initiatives, some involving considerable risks for the future development of earnings, are making the environment more and more difficult. It will therefore not be possible to roll forward the quarterly result on a straight-line basis for the whole of 2007, also in light of market effects from the trading business. We will nevertheless do everything in our power to maintain the dynamic growth of the strong first three months of 2007 in the coming months,” comments Claassen.
According to the consolidated financial statements that were prepared and approved, EnBW successfully generated sales revenue of 13,219.4 million euros in the past fiscal year 2006 (+22.8 percent), earnings before interest, taxes, depreciation and amortisation (EBITDA) of 2,307.8 million euros (+12.3 percent), earnings before interest and taxes (EBIT) of 1,470.2 million euros (+10.2 percent) and earnings before taxes (EBT) of 1,183.2 million euros (+8.8 percent). In 2006, EBITDA, EBIT and EBT increased substantially in total as well as adjusted for income and expenses relating to other periods and extraordinary results, and also adjusted for consolidation effects. At 1,003.4 million euros, the Group net profit exceeded the billion-euro threshold for the first time in the history of EnBW. In light of the positive business development, the Board of Management and the Supervisory Board will submit to the annual general meeting a proposal for a dividend distribution of 1.14 euro per share, an increase of around 30 percent. This means the dividend proposal will be higher than the target of 1.06 euro per share announced in the prior year.
Annual report January to December 2006 at a glance:
|
in
|
1/1 - 12/31/2006
|
1/1 - 12/31/2005 *
|
Variance in %
|
|
|---|---|---|---|---|
|
Revenue
| ||||
|
Electricity
|
in
€ million
|
1/1 - 12/31/2006
9,642.3
|
1/1 - 12/31/2005 *
8,125.0
|
Variance in %
+ 18.7
|
|
Gas
|
in
€ million
|
1/1 - 12/31/2006
2,757.9
|
1/1 - 12/31/2005 *
2,101.7
|
Variance in %
+ 31.2
|
|
Energy and environmental services
|
in
€ million
|
1/1 - 12/31/2006
819.2
|
1/1 - 12/31/2005 *
542.6
|
Variance in %
+ 51.0
|
|
External revenue, total
|
in
€ million
|
1/1 - 12/31/2006
13,219.4
|
1/1 - 12/31/2005 *
10,769.3
|
Variance in %
+ 22.8
|
|
EBITDA
|
in
€ million
|
1/1 - 12/31/2006
2,307.8
|
1/1 - 12/31/2005 *
2,054.3
|
Variance in %
+ 12.3
|
|
EBIT
|
in
€ million
|
1/1 - 12/31/2006
1,470.2
|
1/1 - 12/31/2005 *
1,334.5
|
Variance in %
+ 10.2
|
|
EBT
|
in
€ million
|
1/1 - 12/31/2006
1,183.2
|
1/1 - 12/31/2005 *
1,087.4
|
Variance in %
+ 8.8
|
|
Result of continuing operations
|
in
€ million
|
1/1 - 12/31/2006
990.9
|
1/1 - 12/31/2005 *
532.4
|
Variance in %
+ 86.1
|
|
Group net profit
|
in
€ million
|
1/1 - 12/31/2006
1,003.4
|
1/1 - 12/31/2005 *
531.5
|
Variance in %
+ 88.8
|
|
Earnings per share **
|
in
€
|
1/1 - 12/31/2006
4.06
|
1/1 - 12/31/2005 *
2.21
|
Variance in %
+ 83.7
|
|
Funds from operations before taxes and financing
|
in
€ million
|
1/1 - 12/31/2006
1,899.0
|
1/1 - 12/31/2005 *
1,713.5
|
Variance in %
+ 10.8
|
|
Cash flow from operating activities
|
in
€ million
|
1/1 - 12/31/2006
1,466.6
|
1/1 - 12/31/2005 *
1,329.9
|
Variance in %
+ 10.3
|
|
Free cash flow
|
in
€ million
|
1/1 - 12/31/2006
1,027.1
|
1/1 - 12/31/2005 *
1,070.6
|
Variance in %
- 4.1
|
|
Capital expenditure on intangible assets and property, plant and equipment
|
in
€ million
|
1/1 - 12/31/2006
630.1
|
1/1 - 12/31/2005 *
547.0
|
Variance in %
+ 15.2
|
|
Return on capital employed (ROCE)
|
in
%
|
1/1 - 12/31/2006
15.9
|
1/1 - 12/31/2005 *
13.6
|
Variance in %
+ 16.9
|
* Figures of the comparative period adjusted due to retroactive changes of accounting issues under IFRS
** From continuing operations